North Carolina Down Payment Assistance Systems

Online Merchant account - These programs are the Mortgage Credit Certificate and the deposit Assistance System.

You also purchase a house between December 1, 2009 and January 1, 2009 and if you meet the requirements for one of those programs, you can ALSO qualify for the $8,000 tax credit only enacted into law in the Federal Economic Stimulus Plan.

First, who's a First Time Home Buyer? A First Time Home Buyer is someone who hasn't owned a home within the past three years. Here is precisely the same qualifying definition for the $8,000 tax credit.

The MCC takes this a step farther.

It is possible to claim 20% of the interest you pay on your mortgage as a credit on your federal income taxes, should you qualify for the MCC. It's possible for you to save around .

Should you qualify for the MCC you will find a way to unite this with the $8,000 tax credit. This could reduce the tax liability of a buyer's .

Who Qualifies for an MCC?

Household income is defined as the “gross income of the mortgagor and any other man anticipated to reside in the residence who is 18 years of age or older.”

The income and house price limits that apply in Durham Orange and Chatham Counties are given below.

MCC Income Limits 1 Man $61,500 2 Individuals $61,500 3 Men $70,500 4 Men $70,500

MCC Sales Cost Limits New Home $220,000 Existing House $210,000

Home buyers that need help with their down payment and closing costs might be able to get down payment assistance - or, quite simply, interest-free, deferred second mortgages up to $8,000. The purchaser only needs to pay $1,000 of their own funds and the load would pay as much as $8,000 of the remaining balance.

This program has stricter income limits than the MCC program outlined above. Like the MCC application, it could be used along with the new $8,000 tax credit on home purchases between January 1, 2009 and December 1, 2009. The down payment assistance, nevertheless, can not be applied together together with the MCC. It is an either or scenario.

House price limits that apply in Orange, Durham and Chatham Counties and the income are given below.

Down Payment Assistance Income Limitations

1 Man $39,950 2 Men $45,650 3 Individuals $51,350 4 Persons $57,050

Down Payment Assistance Sales Cost Limits New Home $210,000 Existing Home $210,000